Obama's Counsel Told of IRS Issues in April

Rolfe Winkler and Peter Nichols discuss the latest on the IRS investigation, and Noah Brier breaks down Yahoo's deal for Tumblr.

This transcript has been automatically generated and may not be 100% accurate.

... the ... and that we have a report in question is what we need to let reported a net to make sure it doesn't ... get him interested in something independent of what the what the inspector general was to his bike when now we have a cordial role in the situation said as any of it as a minister to White House would have ... which is you know and interfered in an investigation the door to a new TV appearances interfering in the season so we took the exact greater purpose than to it ... that was White House senior adviser Dan Pfeiffer yesterday on meet the press he turns out the White House's chief lawyer learned weeks ago that an audit of the Internal Revenue Service likely would show ... agency employees inappropriately targeting conservative groups ... Chodiev notified the president ... good morning welcome to the New Saab I'm Ralf Winkler ... Peter Nicholas joins us from Washington to tell us the latest wrinkle in the controversy Peter good morning ... by Rolfe the spirit of a still ... who knew what and when is the key question never was trying to answer is is this the highest up ... that this this information about the iris ... winds ... the release the White House know about it ... well forget the new frontier for masonry have this is some of the most detail that the White House had ... um ... we know now that guy in the third week in April the White House counsel cap the roller was given a heads up from the Treasury Department that ... this investigation was nearing completion and that was going to conclude that top IRS employees when the targeting of tea party groups of the work they did in the name ... so one question is what to do with this information desk with Dan Pfeiffer was discussing earlier in your soundbite ... and there are people who say the presence of untold immediately that this this up ... is a serious matter this involves thought misuse of power by the IRS shouldn't be out the head of the second branch the president ... be told about this any of the chance to crack this and fix this but the weight of learning about in the newspapers adopt with the average ... average job ... status ... no doubt the question what else says that if the president had been given a heads up it would ... raise suspicions that there was awesome a difference to the investigation ... so what else counsel's office and ... I'd senior staff decided ... that indeed FB for most predicted it would be enough to do anything if it should not share with him ... ok because like you said that the wrist and would be ... interference and the worst of the worst and they they are they're claiming that the worst thing that happened in the conversation today with envy ... instead of why was this a mean old white dude why was it why did the White House potentially interfere with ... investigation that was that the argument ... yes and so did understand all that the public to be looking into our capital now would be ... well the president got a heads up with the do it that information to the tried to a doctor of the report he tried to do anything to change the conclusions in a report ... that would be what we got the cover Fishman be now ... but aam ... they're also there also is argument that the president there some criticism of the present is going to myCFO bystander ... that he stands on the sidelines ... learning about different controversies in this administration ... including aam matters involving ... the Justice Department's seizure of AP phone records ... has them learn about them the news rather than ... being told about that the normal course of business and so there's two sides on this are now ... okay I'll swan a noted ... in the bigger concern Midea II's that's ... maybe this isn't the first time the White House found out about it am I is there a Dell ... I would imagine House Republicans are trying to determine whether or not ... somebody knew about this before the election and didn't disclose it ... what what's the status of runners investigations ... while that is I think that's what we're going to be curated awful lot this summer Ralf were going to be the Republicans are holding hearings on this on Wednesday ... that they bring in more I rest with this is not to testify about ... what they knew would with them I told ... you can IPTV affair yes the Republicans are to be asking for to subpoena IP now's email traffic between Treasury Department ... White House fire after one look at that ... so that's the question there to try and determine is ... that the White House know in the election year where this investigation was going ... what investigators for finding out ... of this information been politicized to use local band ... okay that's the question that investors the funds to find friends that ... okay ... Peter Nicholas in Washington thank so much for joining us this morning ... that that ... in other ... big news this Monday Yahoo Chief Executive Marissa Meyer is making a bold move to remake the aging Internet giant added to the companies expected to announce that it will buy the social blogging told tumbler ... for one point one billion dollars cash ... here to help us understand what tumbler represent strategically for Yahoo is no prior founder of advertising startup luckily no thanks much for coming in from the federal judge on short notice it's great it through okay so in tumbler is a lot like ... Facebook a lot like Twitter in the sense that people are creating content sharing links bloggers photos etc ... it strategically for ya ... what is it represented that they're getting assassin ... sure yet I mean ... tumblers one of six or seven ... global social platforms that exist ... for governor continued to compete is gonna be a will to move into this world of social and that's what tumblers why does it mean the movements of ... all when you think about where consumer attention is moving first it's their right ... people are spending more and more time in the spaces like Facebook Twitter tumbler ... the number of minutes is ... unbelievable ... and what the expectation is there is the strains of content they never stop the survey giving you call the refreshment so it's something new ... in need of trove of content that's being produced by people and professionals ... and forgot to really succeed in this new world that's what that that that isn't she mentions stream because like Twitter like Facebook ... tumbling you create your own content or you also follow others and so that stream of content goes past you in in a news feed ... and ... it's it's interesting that both Facebook and I think have problems with an advertising business ... in your early days but they discover that feed ads ... do work they're making money this way ... yet and you know they've really sort of made that transition and they're going to come whole heart into this idea of making the content the ad ... and that is really really working for them and the idea that you can now take this content you carry on when potentially ... put it outside of just the tumbler dashboard and take the content of friends are producing ... and really give it to scale the guy who already has creates the interesting model that ... you know the Facebook cement winners on the sterling to ... really get why is that what what makes tumbler special in that way ... well what's interesting about tumbler what's unique about tumbler is that ... they are both assertive ... dashboard Clapham Wright their place where ... people and brands are creating content consuming and in the stream but they're also the sort of from an intense as he goes to ... represented so most people using as their website people are also using it as their website says that this sort of ... I like the aside in some ways is kind of like a pain Facebook page but a lot more customizable lot more personalized wall and you know interesting Lee I think about the distinction between tumbler in the face of some that Twitter ... is ... that Facebook and Twitter they put their brand for since Facebook dot com slashed brand ... on tumbler its ... brand dot tumblers dot com okay okay now the supple than that but quickly what makes you guys ING's use really specialize ... when it comes to ... feed advertising eat feed advertising it's a new challenge for advertisers to create ... the kind of as the air no work ... in the street ... what what does work ... well you know what's interesting about these platforms and what's unique about Social for brands is that it's a place for it to be creating organic content ... not just sort of dance right you don't just buy boxes and socially you it's not rare and eccentric read something people wanna share right into creating content all the time organically and then you taking the best bits that content you're paying to promote ... one tumbler introduce advertising ... David Karp got on stage at the end AIDS conference in he said ... you've seen the ads on tumbler it's the Pope's ... brain so that's the sort of fundamental ... switch that we're seeing happening is that brands are becoming content creators becoming real-time comic readers ... just like you and I there are a part of that stream their printing organic content and then the real revenue model that ... your Facebook and Twitter and tumblers started to see is that brands will then paid to promote that ... and bring it to a broader audience now somewhat has started with this like you mentioned ... but it's still very small business for them to can it take to make it ... take a much larger working on when you make that this is much larger what I think they're on their way and obviously I was a lot of experience in ... running ... an advertising sales practice re ... rating if you look at that you know Facebook and Twitter in you talk a little doubt this is the ... challenges they went to early on in in confining their models ... the departed is also just ... instituting that culture of sales and being able to sort of go out and ... and hope brands understand the value there ... with a big piece for any these social platforms as I mentioned is that it also has gotta get them on their creating content organically cousin Doherty got exist on the platform is that in common advertisers so ... you know he aam who has a one for each and touching a lot of friends and they can help bring those brands on the pot for ten seconds last question mobile this actually ... seen as actually a really great for mobile our thesis is also benefit the up yet for sure I think you know everybody looking to the silver bullet ... the ad format in mobile and it turns out that it's just content grand and Twitter and Facebook income wordy scene is small sense as the sea actually what's going to screen in a ... condo as things happen rate their ... work out the prior from crippling thank you so much for coming spreading inside ... when we come back to check the markets ... the notice of duty for the U S stock market this Monday despite strong overnight gains in Tokyo and Hong Kong John Shipman has a preview of today's trading he joins me now John morning ... good morning world okay so what your interviews and sold acquired the oil that if I haven't that it's a walk a walk on a no no I have no idea what is the headlines and it's a lot of movements of people he keep us in second going up a lot lately ... so chances are could go to the anti gay right ... palm affected by the way had Asian markets that oneness or on screen for people so those going to be a ... shrine in Tokyo remains strong the Red Hot was up about one a half percent overnight ... those gains didn't necessarily translate as much into European trading on Monday there's little the more tempered and ... so that's up to influence rate now I think I'm on U S stocks I think ... it's can be worn today and ... because of this with the lack of all economic data another ... bit of catalysts will probably be unto market so that Pentagon dollar right depending on how strongly the ... euro moves the ... euro was ... was was the stronger of of the yen and the dollar today ... so for its morning so will on the yen is actually ... a ... strengthened a little bit worse dollars total which is separate I in one of the bed in a context of the precious metals markets Oliver ... is getting hit hard again writing and the chatter theory is that of traders who are in short ... the yen have been selling silver uncovering their ... here again short that's okay ... so the gamble a little bit stronger today and I'm so it animal fats can have a ... big impact it it's it's a movie of the way to weaken again I could probably be ... good for us the three stocks you're looking at ... the awesome were talkin a go about their big somebody own right and I think that what's interesting and rather than the nitty gritty of these deals on is really what the stock's done so far even on a year to date so I think with Yahoo's top was down a little bit premarket Ahmed had been off but it was down slightly from one percent ... I think the key thing there is Yahoo's new off with thirty percent so far this year ... and I think that's the game with with some of these other on ... a deal so you're seeing today what ... we're looking at is Websense what sense the killing and Internet security on company being taken out by private equity ... company ... aam ... and that stock was so wet senses so far this year result overflow Urwerk's up thirty percent last three months ... on and then it was similar ... with the deal with the final deal that we're seeing today when chill ... one choke up being bought by act Avis which would pump you may remember them as Watson Pharmaceuticals ... and that's a big deal might have bought a five billion dollars deal of stock all stock related ... aam and where chilled CA was a sixty percent so far this year ... and I actually this is up fifty one percent since the last three months so can ... do what you're saying is that not a surly of buying low and selling high it looks like on these companies now are cheered by the time to sell ... so everyday so buyers will buy and sell the final insult to get a piece of which doesn't happen to you ... me I New Jersey try to recover from storms us next ... the White Star ... does ... the twisters with the nation's midsection the past week ... just yesterday tornadoes touched down in Oklahoma and Kansas ... are the mass in the north eastward moving storm system that stretched from Texas to Minnesota ... authorities said dozens of homes were damaged or destroyed ... by the twisters but there were no immediate reports of serious injuries ... meanwhile in New Jersey the state is still trying to recover from tropical storm Sandy ... I ... he ... fan ... the ... new Jersey says it stronger than the storm nevertheless Governor Chris Christie wants to gird New Jersey speeches against future storms installing Jones and other protective measures that will cost hundreds of millions of dollars ... but plenty of residents say not my backyard Just does he joins us now on ... Josh ... Gov Christie's called knuckleheads ... yet the morning ... so to tells about the team's project briefly ... to Governor Christie and the state of New Jersey said they want to spend hundreds of May and possibly even a billion dollars ... doing these large protective dunes along the coastline to protect against ... a slate the storm surge right storm surge there's rampant flooding ... and they've grown up this plan that would likely happen in the next few years but one of these residents are ... hesitant to sign agreements for ... the stake to come on the property to construct these in basically cuz it'll partner property values ... there to give their view of the ocean would be instructed its that that the reason the making there are other reasons that some oversupply the beaches say ... they've long maintained the beach and ate into the beach and they don't want a steak coming and ... others are worried if a sun easements to give away control of the land and people can do ... for all survey controlled other and you know ... things they don't find savoring that all along they are ... back yard to ... the heat for the Kiwis and said it's being taken up by the state Supreme Court right now is ... whether these dunes are ... you know ... work for a property that it's ... a it's it's it's actually kind of ... interesting varied very tough fight he ... I think is the governor's office is gone after is a diet on server township's ... and John McDonnell and one resident particular drag ... the hose down actually said on its scorching press release calling out this man by name ... its international media to tell him to the ... town of Khan forever ... essentially saying ... he's been top cement that ... he is keeping ... a broad swath of the beach from being safe ... and that he did himself for all this entire project ... Mr. Madonna's says that ... have led coalition of owners to ... maintain the beach for a long time and they don't want the government ... the trial ... that this this raises an interesting question ... on the one hand you have ... concerns about eminent domain ... sort of the index team on the other hand ... he knoweth ... Island in Florida for light years and are a lot of people that have ... very high value property ... and the kind of get a free ride in the sense that they don't pay the full cost of what it really cost to insure these these properties as ... well when shares the one sure it is the no hurricanes are very very damaging ... to the just kind of rely on the government ... the easy is it fair for them to have it both ways or ... one of the arguments us some real estate experts are making now is that by doing these dudes can actually increase property values ... because of choosing a storm like this ... who's going to the house is not protected along the these these ... is that true ahead the scene ... I'd downtick in transactions on the Dodgers haven't you think it's too early to tell right now it's it's been a few months from the storm but ... the let's let the debate that's going to happen in the next few years his ... people want houses that are protected by the students for safety measures ... or is the idea being that would have unobstructed view of the beach ... more import people are willing to take the restaurant ... that just doesn't think so much for coming and ... he ... and thank you viewers for watching the news of this morning come back for MoneyBeat at ten thirty I'm Ralf Winkler ...